“The crucial thing for businesses heading in to a world they’re not particularly familiar with, like News Corp (NSDQ: NWS) heading to paywalls: you’ve got to be flexible.

“There’s obviously lots of comment externally on these businesses, going ‘I’ve got rough numbers on the back of a piece of paper and it can’t work’, when they don’t necessarily know even the costs of the content and production of that product.

“We’ve been able to prove we’ve got half a million people prepared to pay for music. Suddenly, people thought, ‘oh that’s actually quite an achievement’.”